Mortgage payment (with tax and insurance) is $1,830.Rent is $2,495.  

I get a kick out of some of the adds, they want you to have all your own tools and equipment, truck, IPhone, insurance, contractors license and knowledge but unwilling to pay a fair wage.   

She has little income, so I would essentially be paying the entire mortgage, insurance, taxes, etc... while she helps with utilities.

Having such a policy is going to turn a lot of potential tenants off.

Check your title policy under the B section of ExceptionsAlso as above, approach the city pleading ignorance, be cooperative.

The seller bottom line is 400k. 425k.The NOI on this property I calculated it to be about 25k after factoring all expenses (like taxes - 9250, insurance - 2200, water - 2000, a 5 percent vacancy factor and a 6 percent maintenance factor.

I currently own 9.5 rental properties worth a total of about 800 to 850 thousand that rent for about 8000 gross and if all goes well with no repairs and vacancies or insurance I pocket 6250 after expenses.

I never had any issues getting the high ratio insured clients funds when the stresss test was introduced a yr ago.

Then there is of course vehicle maintenance, errors and omissions liability insurance, etc. 

do the transaction thru a title and escrow company to have a fully insured title.